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Goldman on tokenization: we’re not allowed to issue on public blockchain
March 29, 2023
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The benefits of tokenized bond issuance were discussed today at the Crypto Assets Conference, with issuers represented by Siemens and kfw, investors by Union Investment, and Goldman Sachs discussing its DLT issuance platforms. While Siemens has issued a bond on a public blockchain, Goldman’s DLT solution is underpinned by a private blockchain.

Mathew McDermott, head of Digital Assets at Goldman said, “I’ll speak from a highly regulated U.S. bank. We are actually not allowed to do anything on a public blockchain, be it permissionless or otherwise. The rationale being safety and soundness. Most of the development you will see certainly from the U.S. banks, JP (Morgan), ourselves and many of the others, will be on a private blockchain.” The Goldman platform has been used for a European Investment Bank (EIB) bond issuance and to tokenize a sovereign green bond for the Hong Kong Monetary Authority (HKMA).

He acknowledged the velocity, speed and low cost of transacting on a public blockchain, particularly a layer 2 solution. That was one of the reasons for Goldman’s digital assets platform design. It has a smart contract layer where the transaction activity happens, but the final settlement is on the underlying blockchain. And that’s ‘currently’ a private blockchain. 

Ramin Ghafari, head of Financial Technologies at Siemens Treasury, had a different perspective. In February, Siemens issued a €60 million bond on the Polygon public blockchain, which is a side chain of Ethereum. He said the Siemens Treasury is keen to be independent of individual banks, so locking into the platform of a single bank would not be ideal for him.

The Siemens issuance used Germany’s forward-leaning eWpG legislation. That meant there was no central security depositary. And Union Investment revealed that it invested directly in the Siemens bond rather than going via a bank. The transaction also benefited from shorter settlement times of T+1 rather than T+7.

Apart from speedy settlement and reducing intermediaries, Christoph Hock from Union Investment gave a convincing rationale for going digital. He should know as Union Investment has been one of the most prolific investors in the space. It invested in both the EIB euro-denominated digital bonds as well as the Siemens one. From today’s talk, Hock gave the impression Union was the sole investor in the initial €100m EIB bond back in 2021.

“Various investors, about 250 participated in the investor education call, but at the end, it was just us getting invested in this paper,” he said. However, the second EIB bond had multiple investors, as did the Siemens bond.

From Hock’s perspective, the benefits are quite clear. Union gets an additional 15 basis point return on a one year bond. So by lowering costs, it results in higher returns to their investors.

Apart from removing some of the intermediaries – the central securities depository, and sometimes banks – he noted that blockchain acting as the golden record source is a key advantage. Usually, for new issuances getting data into the order and execution management systems is time consuming, but with DLT, it’s smoother and quicker. On the settlement side, it can reduce risk and increase efficiencies with shorter settlement times.

He said that secondary market trading could also have cost savings and better liquidity. But the current lack of secondary markets for DLT-based securities was raised by multiple participants and resolving that is the key to unlocking tokenization volumes at scale. Europe’s DLT Pilot Regime, which commenced last week and initially runs for three years, aims to relax some rules to encourage secondary markets for DLT based securities. 

Another friction is potential fragmentation. Siemens’ Ghafari noted the importance of interoperability. As issuance platforms proliferate, Siemens would need to interact with multiple blockchains and crypto registrars. “Onboarding with one crypto registrar is one thing. But would we really need to do that with all the other crypto registrars as well. How is this going to be solved in the market?” asked Ghafari.

For him, that needs to be addressed alongside scaling secondary markets.

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https://robinhood.com/us/en/support/articles/coin-availability/

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→ 200–300 new symbols added each month
→ 3K+ by year-end, 10K+ in 2026
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Pyth will become the most comprehensive financial data layer in the world.

https://x.com/PythNetwork/status/1963255788698484942

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

Source

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

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XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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